Over the past few years, residential real estate in Goa has emerged as one of the most preferred asset classes in India. Goa is known for its beautiful beaches, rich cultural heritage, and laid-back lifestyle. The state is also home to a large number of expats and retirees, who are looking for a peaceful and relaxed environment to spend their golden years. This has led to a surge in demand for residential projects in Goa, especially in areas such as Panaji, Mapusa, Porvorim, and other places in North Goa.
Here are some reasons why residential real estate in Goa has become an emerging preferred asset class:
- High ROI
Goa’s real estate market has witnessed a steady increase in property prices over the past few years. According to a report by Knight Frank India, residential property prices in Goa rose by 5% in the first quarter of 2021, as compared to the same period in the previous year. This indicates a strong growth potential for investors, with the potential for high returns on investment.
- Growing demand
Goa has always been a popular tourist destination, attracting visitors from all over the world. In recent years, however, the state has also emerged as a preferred destination for people looking to settle down or invest in a second home. With the government’s focus on improving infrastructure and connectivity, the demand for upcoming residential projects in Goa is only expected to grow in the coming years.
- Limited supply
While the demand for residential projects in Goa is on the rise, the supply remains limited. This is mainly due to restrictions on land acquisition and the state’s conservation laws. As a result, developers are focusing on high-end luxury projects, which cater to the demands of affluent buyers. This has created a niche market for investors who are looking for exclusive properties in prime locations.
- Lifestyle appeal
Goa is known for its laid-back lifestyle, scenic beauty, and rich cultural heritage. It offers a unique blend of Indian and Portuguese cultures, which is reflected in its architecture, cuisine, and festivals. The state’s peaceful environment, coupled with its vibrant nightlife and beach culture, has made it an attractive destination for expats, retirees, and young professionals. This has also led to a growing demand for high-quality residential real estate in the state built by the best residential builders in Goa.
- Government support
The Government of Goa has been proactive in promoting the state as a preferred destination for investment and tourism. It has taken several steps to improve infrastructure and connectivity, including the expansion of the airport, the construction of a new bridge over the Mandovi River, and the development of new roads and highways. The government has also launched several schemes and incentives to encourage investment in the real estate sector.
Upcoming residential projects in Goa have emerged as an emerging preferred asset class, with high growth potential and strong demand from investors. With limited supply, growing demand, and government support, the real estate market in Goa offers a unique opportunity for investors who are looking for high returns on investment. As always, it is important to conduct thorough research and due diligence before investing in any real estate project. However, with the right approach and a long-term investment horizon, residential real estate in Goa could prove to be a lucrative investment option.